spazma7ik

I am currently leasing a 2013 Altima 3.5 SL. I have 6 months left on the lease at $300 per month which equals $1800 total left. I also have exceeded my mileage by 10k @ .15c per mile, so around $1500.

I went to the dealer today to talk about a Maxima 2016 Platinum that I want..

After a bunch of negotiation the final offers they gave were (very approximate, I didn't write down specific numbers):

Lease: ~$730/mo with $23k residual after the lease is up with $800 down (0% interest for duration of lease).
Purchase ~$830/mo for 60 months and $0 down(2.29% interest).

Both of these include them taking my altima and the deal eats the $3500+ I owe still on the lease for payments remaining and mileage excess.

I wanted to think about it and figured I would ask you all what you thought of the deals? Are they pretty bad or decent considering my situation?

Also, I almost took a deal but they said they could not let me drive off today as there was a recall on 2016 maximas with some issue with the shifter or something that had just came up today, both models had signs that said they could not be sold yet because of this issue. Any truth to this?

2010maxSV

Don't do it. That is way too high. Just finish your 6 months and by then, there will be more specials on the new Max. Maybe some Demo's also that you can get a great deal on.

spazma7ik

Thanks for the response.

I'm curious as to what makes it too high. 60*830= 49,800

49,800-3500 (my fees and payments left on lease) = 46,300

46,300 - ~$3000 (CA tax) = 43,300

43,000 would be for the car itself and additional fees (not sure what other fees there are but I imagine at least $1k worth?)

Sorry I'm a bit green with buying a car.

lightonthehill

I am lucky in that I am able to buy straight up for cash, so am not very knowledgable about these things. But I think where 210maxSV may be coming from is that many here have already managed to get their Platinums for under $40K, and by the time your 6 months with your Altima are up, you might be able to swing a Platinum for more like $38K, or possibly $1K or $2K less if Nissan has begun discounts on the 2016 Maxima. Even less yet should you happen on a demo.

But, as I said, I am a neophyte on all this financial finagling. I am much more into investing money than in spending it, although I do splurge on a new Maxima as each generation is released. I make up the difference by always eating at Taco Bell, Subway and Hardees instead of Longhorn, Outback and Olive Garden. For me, the Maxima is worth the sacrafice.

adamgalazka

Check out the link below
https://maxima.org/forums/8th-genera...r-shopper.html


I am not a fan of leasing so personally I would buy one. I do no think that the dealers are giving you the best price. Try True Car just to get a comparison of what others have paid in your area. I also agree with the other posts on here about waiting until the Altima lease is up and hopefully the discounts get better.

faze2988

Be patient and wait and you will save yourself thousands...i was in the same situation as u with $3300 added to my lease cost and was able to get an SR for $600 a month..but thats with the dealer selling me the car at invoice....2 out of 3 dealers i went to were willing to sell the car at invoice here in ny...if you must have it now negotiate way more and dnt take no for an answer

steevo

you only pay the mileage overages if you finish the lease and go through disposition. You either get a dealer to buy the car from the leasing company at its current payoff number, or you buy it yourself at the end. Do not roll the remaining payments into an overpriced new car.
Buy the altima, look for a Maxima Next year.

With the lease numbers you are throwing around, i thought you were buying a Maserati Ghibli.

jc53

Agreed...way too much for a lease. As mentioned by others, wait out the lease and while you wait go to a few car buying sites to get ideas of what you should be paying. Make an offer to the dealer and then stand firm. Also, by waiting you will be switching vehicles in December. The dealers always have more incentive to move vehicles at year end due to inventory and tax reasons. And, always wait until the last few days of the month. They are more likely to strike a deal as they try to hit their sales quotas.

mls277

Thats like a higher end BMW type lease not a maxima. I'm pretty sure I've seen people lease brand new BMW M3 for that kinda cash. Not that I'm an expert in leases cause I've never leased.

Tommy6905

That's obsurd, I couldve leased a 16 sl for 520 a month with zero down and walked away because I thought that was high....I ended up getting a left over 14 sv for short dough

charliebrown

Ultimately only you can answer this question. Are you financially prepared to go from a $300/month lease to a $730/month lease? I know it's easy to get sucked into these situations because of the excitement over a new car, but that seems like a very high lease payment for a 40K car. As others have mentioned, that's the type of lease figure you'd see for a 60K+ car.

If I were you, I'd finish my lease on the Altima as, let's face it, this isn't really the ideal time to be trying to get a deal on a car that was just released. You'll have a better chance after six months and won't have to take a hit on breaking your current lease.

As for the recall, I haven't heard anything about that, but if it's true, just another reason for you to wait.

guitarman

Well, I just checked NHTSA and found no recall entries for the Max. Anyway, it's a little too early for any recall trigger to be pulled...

WasDmater

You are financing 47,000 at 830/ month no money down and 2.29% interest.


So a platinum with splash guards and floor mats/trunk mats will have a sticker of 41,095.


Invoice would be 38353 and likely the price you can buy the car for.


So, 38353+ 599 doc fee(average) + 3000 in taxes + 3500 you still owe will be 45452.


You would be overpaying 1458 plus paying interest on the money you still owe.


Hope this helps

WasDmater

If you are into investing money, does it make sense to buy the car for cash? If you finance the car at lets say 2% interest, you could possibly invest your cash into something that pays more than the interest you are paying on the car, no?

mls277

Cash means no payment, no interest. I don't think theres a better way to buy if you can pull it off but most can't.

charliebrown

But why pay all-cash up front for a rapidly depreciating asset when you can pull off a low interest financing deal that will give you the option of investing that cash elsewhere that may actually offer you a return.

WasDmater

Exactly!

Dudemaine

iTrader: (1)

+1

zoemayne

iTrader: (4)

You only can put $800 down? Sounds like you shouldn't be leasing anything.

lightonthehill

I did not give the complete details. I will actually be getting around $18K for my perfect, ding-free low-mileage tradein Maxima Premium with Tech, have the documents to qualify for the Nissan Friends and Family discount, have known the dealership owner for almost twenty years, derive a courtesy benefit by having all recommended maintenance done by that dealer, and so will not be paying a ton out of pocket.

But you are correct that if there is a place I can get over 2% for my money, and was paying around $40K in cash, the math favors investing the money.

There are places where we can get over 2% interest, but some of those are not guaranteed. At my ancient age, the only non-guaranteed investments I make are in stocks of companies with which I am very familiar, and with which I feel very comfortable.

WasDmater

You are a very wise man, LOTH. And yes, its very difficult these days to get over 2% guaranteed. I am not familiar with the Nissan Friends and Family discount, I will have to read up on it and see what its all about.

mls277

IMO if I could pay cash i would just to have title in hand and no payments ever. but thats an uninformed opinion.

richmusch

It's your money but I would wait it out as the best deals on leases are when MSRP and the purchase price differ greatly (other variables as well but I would say that's the biggest). When I got my 7th gen, I got it for around $1500 under invoice and pay a small monthly payment, around half as much than the price you were quoted and that was $0 down. I have been keeping my eye on the Murano's and they are just starting to come down after being on the market for about 6 months. Good luck in whatever decision you make but for $700/month, I would probably have a Porsche or something...

Yes2pfs

I had a 2009 with 3 $470 payments left when I traded it in for a 2012 white premium & tech in April 2012. I was told that Nissan makes great deals in March & April because it's their fiscal year end? They took my '09 back for the '12 and lowered my payments to $400 month. Does anyone think they will have similar deals in Dec 2015?

charliebrown

If the 8th gen continues to sell as poorly as it appears to be doing, I'm sure you can bet on it.

Also, most dealerships offer incentives in March/April to cash in on tax refunds, but I've read that it's usually a trap and the best time to buy is in the last few months of the year.

WasDmater

The probably offer incentives in March/April to get people to come in, but at the same time they know there are thousands of people with tax refund money on their hands and they become easy prey for salesman to pick their pockets.

WasDmater

80% of a good lease deal is when the residual value is close to 65% of the purchase price. You should always the negotiate the price of the car first and bring it as low as possible. The other 20% of the deal is the money factor or equivalent interest rate they are charging.

richmusch

Those would be the other variables I was speaking of...

shook187

iTrader: (5)

Haha... Looks like the OP went forward with allowing himself to get raped. $700 a month for Nissan that isn't a GTR? SUCKER

spazma7ik

Nice assumptions guy. I actually took the advice and called a dealer two hours out and told them how far I lived and would like a quote over the phone. I told them the bad deal I was getting from my local dealer and the GM gave me a killer deal on the White Platinum trim. $38k buying price plus half price to shred my lease (the 10k+ miles and $1800 left in payments) so paid an extra $1500 for that.

And I'm not leasing, I purchased.

***... U... Me...

Never fails when you assume things.